Analog Devices Reports First Quarter Fiscal 2021 Results at the High End of Guidance

  • Revenue of $1.56 billion with double digit year-over-year growth across all B2B markets
  • Operating cash flow of $2.1 billion and free cash flow of $1.9 billion, or 33% of revenue, on a trailing twelve months basis
  • Returned over $380 million to shareholders in the first quarter through dividends and share repurchases
  • Increased quarterly dividend by 11%, marking the Company's 18th increase over the last 17 years

WILMINGTON, Mass. — (BUSINESS WIRE) — February 17, 2021 — Analog Devices, Inc. (Nasdaq: ADI), a leading global high-performance semiconductor company, today announced financial results for its first quarter of fiscal 2021, which ended January 30, 2021.

“ADI delivered strong first quarter results at the high end of our outlook, reflecting the diversity of our business and our alignment to the most important secular growth trends,” said Vincent Roche, President and CEO. “Revenue increased 20% year-over-year with growth across all market segments, including a record quarter for our Industrial business. While the economic backdrop remains uncertain, we are confident that a broad-based recovery is underway given continued momentum in ADI’s bookings and lean inventories across the industry.”

Roche continued, “ADI remains focused on addressing our customers’ toughest challenges and providing breakthrough solutions, pushing the edge of what is possible. At the same time, we are passionately driven to deliver a positive impact on the world around us, enabling a more connected, safer and sustainable future, while creating value for all stakeholders.”

Performance for the First Quarter of Fiscal 2021

Results Summary(1)

 

 

 

 

 

(in millions, except per-share amounts and percentages)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Jan. 30, 2021

 

Feb. 1, 2020

 

Change

Revenue

$

1,558

 

 

$

1,304

 

 

20

%

Gross margin

$

1,045

 

 

$

848

 

 

23

%

Gross margin percentage

67.1

%

 

65.1

%

 

200 bps

Operating income

$

464

 

 

$

273

 

 

70

%

Operating margin

29.8

%

 

21.0

%

 

880 bps

Diluted earnings per share

$

1.04

 

 

$

0.55

 

 

89

%

 

 

 

 

 

 

Adjusted Results

 

 

 

 

 

Adjusted gross margin

$

1,090

 

 

$

893

 

 

22

%

Adjusted gross margin percentage

70.0

%

 

68.5

%

 

150 bps

Adjusted operating income

$

635

 

 

$

481

 

 

32

%

Adjusted operating margin

40.7

%

 

36.9

%

 

380 bps

Adjusted diluted earnings per share

$

1.44

 

 

$

1.03

 

 

40

%

 

 

 

 

 

 

 

 

 

Three Months

Ended

 

Trailing Twelve

Months

Cash Generation

 

 

Jan. 30, 2021

 

Jan. 30, 2021

Net cash provided by operating activities

 

 

$

428

 

 

$

2,087

 

% of revenue

 

 

27

%

 

36

%

Capital expenditures

 

 

$

(67

)

 

$

(178

)

Free cash flow

 

 

$

361

 

 

$

1,909

 

% of revenue

 

 

23

%

 

33

%

 

 

 

 

 

 

 

 

 

Three Months

Ended

 

Trailing Twelve

Months

Cash Return

 

 

Jan. 30, 2021

 

Jan. 30, 2021

Dividend paid

 

 

$

(229

)

 

$

(916

)

Stock repurchases

 

 

(157

)

 

(296

)

Total cash returned

 

 

$

(386

)

 

$

(1,212

)

 

 

 

 

 

 

(1) The sum and/or computation of the individual amounts may not equal the total due to rounding.


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